Green day but red alerts – Bitcoin (BTC)
hovers near $47,000 before posting a sharp rise allowing it to retake 2 key levels. While Bitcoin is still trading around $50,000, analysts are predicting a healthy correction that could initially bring its price back down to the $40,000 range.
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Healthy pullback for Bitcoin: potential rebound areas
Bitcoin loses the $48,000 and goes down to $47,227 on Bitfinex today, August 25, 2021. Its price then rebounds, quickly recapturing the $48,000 and then the $49,000 as it climbs to the $49,022 mark. Bitcoin is trading at $49,025 at the time of writing and is currently recording a daily gain of 1.57%.
Trader Michael van de Poppe discussed in his latest video the key areas to watch. The $51,000 remains the critical resistance area, while the $42,500 – $44,000 is the next major support area, should the $47,000 – $48,000 give way
Post by Michaël van de Poppe – Source: Twitter
But is a drop to $42,500 really a possibility after the bulls break through $50,000 only to lose it within hours to bear pressure? Scott Melker, author of the Wolf Den Newsletter, expects Bitcoin to drop into the $40,000 – $42,000 area. Such a pullback would still be healthy and would be followed by a rebound.
Post by Scott Melker – Source: Twitter
Secure in the short term, a month largely in the green
Analysts seem to expect the bulls to be “shaken out” before they gain enough strength to sustainably continue the ride a
above $50,000. John Bollinger warned investors and traders in his tweet yesterday, August 24, 2021. Markets should consider securing their current gains, he said, as aggressive traders can “set up shorts” and put downward pressure on Bitcoin.
John Bollinger’s post – Source: Twitter
Despite this bearish short-term outlook, Bitcoin is having a good August so far, with a monthly gain of about 18%
How could Bitcoin reach $100,000 in 2021 when bulls are already struggling to break $50,000 in the short term? The next few days are uncertain, but from a long-term perspective, Bitcoin’s fundamentals keep getting stronger as shown in CipherTrace’s latest report on Bitcoin adoption
in 154 countries.
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